Overall, the data seems to indicate a huge leap for current activity as firms reported higher sales and shipments.

“The index for current new orders increased 12 points this month (with 44 per cent of the firms reporting increases and just 6 per cent reporting decreases),” said the release from the Philly Fed. “The shipments index increased 8 points. Other broad indicators also corroborate growth.”

Additionally, 15% of firms reported an increase in hiring for the month, while only 4% reported a decrease.